Murrey Math Lines 17.05.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
The quotes on H4 and the RSI are nearing the overbought area. A test of 8/8 (137.50) is expected, followed by a rebound from it and a decline to the support at 6/8 (135.93). The scenario can be cancelled by rising above the resistance level of 8/8 (137.50). In this case, the pair could continue growing and reach the level of +2/8 (139.06).
On M15, the lower line of the VoltyChannel is too far away from the current price, which is why the decline in the quotes can be indicated by a rebound from 8/8 (137.50) on H4.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are under the 200-day Moving Average, indicating the prevalence of a downtrend. The RSI has broken the support line. A rebound from 5/8 (1.3488) is expected, followed by a decline to the support at 3/8 (1.3366). The scenario can be cancelled by rising above the resistance at 5/8 (1.3488), which might lead to a trend reversal and growth to the level of 7/8 (1.3610).
On M15, the lower line of the VoltyChannel is broken. This confirms the presence of a downtrend and increases the probability of a further decline.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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